Ahmedabad emerging as the other metropolitan cities
Gujarat is among the most progressive states in India for the past several years. Today, it occupies a leadership position in the country and is observed as a model state in terms of economic growth and development. Ahmedabad, as a capital city, is indeed the center of activity.
The city is enjoying considerable attention from the services sector and a number of IT/ITeS, banking, finance and insurance companies are establishing their offices here. The growth in the services sector is further complemented by industrial development. Therefore, we can say that unlike other cities, which grow mainly on the back of the services sector, Ahmedabad has a combination of both services and manufacturing sectors.
The Gujarat International Finance Tec-City (GIFT), a project by the Gujarat Government, is one of its kind projects in India. The Metrolink Express for Gandhinagar and Ahmedabad (MEGA) project is yet another shot in the arm for the real estate sector Gujarat. This will ensure that the city grows from both ends. The development of the Bus Rapid Transit System (BRTS) and SP Ring Road are also amongst the drivers that have spurred growth in the city, especially in the peripheral areas such as Motera, Chandkheda and Koteshwar.
The areas one should consider for buying residential real estate in Ahmedabad are the areas around the MEGA stations, BRTS route, SP Ring Road, Sabarmati Riverfront and Ashram Road have great potential.
Generally speaking, infrastructure development has to keep pace with Ahmedabad real estate development. However, in case of Ahmedabad, it should not be an issue. The city enjoys an impressive infrastructure with consistent supply of water and electricity. A number of game-changing projects are already underway.
Owing to its excellent infrastructure, a number of companies are choosing Ahmedabad over cities in North as well as West India. The residential real estate market will gradually improve with the generation of more and more employment opportunities in the city. In fact, the real estate prices in Ahmedabad are quite realistic and competitive, especially for people who intend to relocate from metropolitan cities. Overall, the outlook for the residential real estate market looks positive both in the short-term and long-term.
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